Investors around the world rate political instability, such as secessionist and nationalistic movements, as the top risk in the global economy over the next five years, says the CFA Institute’s 2015 Global Market Sentiment Survey.

Respondents, who include portfolio managers, analysts and executives, are also concerned about ethical issues. Twenty-eight percent say the industry needs to improve regulation and oversight of global system risk to boost investor trust.

“Our members are wary of sluggish developed market economic growth and the effects of political disruptions,” says Kurt Schacht, managing director, CFA Institute. “At the same time, market fraud, like insider trading and the integrity of financial reporting, remains a cause for concern.”